New York Mayor De Blasio, suggested imposing taxes on New York`s wealthy, in order to fund emergency rail repairs, low-cost bus rides and subway train rides for the poor.
The mayor, who has announced his intent to seek the Democratic nomination for Mayor, revealed his election year pitch to raise $800 million a year for mass transit by placing a 14 percent tax increase on very high income earning, wealthy New York residents.
Residents earning more than $500.000 and married couples, earning over $1 million will be required to shoulder this tax hike. New York Governor Cuomo had originally rejected Mayor De Blasio`s plan to pay for the mayor`s 2014 campaign pledge for his universal Pre- K program, by taxing the wealthy. As a compromise, New York law makers, sent $300 million for the city and $40 million that could be used for programs, elsewhere in the state.
If Mayor De Blasio`s tax proposal is accepted, the state of California and New York State, will go on record as the two states, that impose the highest taxes in the United States.